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Indian cement firms return to petroleum coke market
Indian cement firms return to petroleum coke market
Singapore, 10 June (Argus) — The Indian cement industry, a key buyer of seaborne petroleum coke, is switching back from thermal coal to coke for the first time this calendar year because coke has regained its competitiveness following a sharp price decline. The country's cement industry booked about 10-12 Supramaxes of high-sulphur coke, primarily US origin, over the last few weeks, said market participants. This roughly translates into a total booking of 600,000t, showing a significant uptick in appetite. For comparison, cement plants imported 1.03mn t of coke over January-April, less than one-third of the 3.27mn t received in the same period in 2025, data from shipping agency Interocean show. Most producers opted for the more competitive coal during January-April, especially high-CV NAR 6,900 kcal/kg Northern Appalachian (NAPP) coal from the US. India imported 3.65mn t of NAPP coal over January-April, up by 30pc on the year, according to trade analytics platform Kpler. Cement and brick kilns are the key users of this coal. The Argus -assessed cfr India 6.5pc sulphur coke increased for the seventh consecutive week to a 27-month high of $129/t on 25 February on the back of firm fob coke costs, three days before the US-Iran conflict broke. The conflict choked coke supplies from the 460,000 b/d Aramco/TotalEnergies' Satorp refinery in Saudi Arabia's Jubail because vessels can only reach the refinery on the Mideast Gulf coast by traveling through the strait of Hormuz. Coke output at the Saudi Aramco/Sinopec Yasref refinery in Yanbu, Saudi Arabia, was also heard to have been lower than usual in recent months. Jubail and Yanbu each typically ship about 1.8mn t/yr of coke. The supply disruption, together with higher freight rates in the aftermath of conflict and tighter fob coke supply from the US Gulf, raised delivered India coke prices further. Delivered prices of 6.5pc sulphur coke increased for twelve straight weeks since the start of 2026 to hit a three-year high of $160/t on 1 April, rising by 24pc since the US-Iran conflict started. Coke-thermal coal gap narrows Coke stayed at a premium to NAPP coal for most of this calendar year so far, prompting buyers to look for coal. NAPP coal offered a consistent discount through January-May, with the gap between two fuels hitting $15-$20/t in May. But this gap gradually narrowed since the end of May and almost disappeared early this month triggering an uptick in coke purchases. Offers of July-or August-loading coke Supramax cargoes are being made in the low-to mid-$130s/t cfr on India's west coast, while NAPP coal is being shown at $133-$134/t cfr. NAPP coal attracts a lower import duty of 2.75pc against an 11pc duty on coke, which broadly offsets the calorific value (CV) differential between the two fuels. Delivered India prices of 6.5pc sulphur coke were last marked at $135.50/t on 3 June, down by 15pc from their recent peak. Some cement plants that bought NAPP coal earlier to replace coke are selling coal from their port stocks at a profit of $5-$6/t in the retail market and booking coke cargoes as a replacement. Fuel accounts for the largest share of input cost for cement producers at 30pc. A rise in fuel costs typically pressures producers' margins unless they can fully pass on the increase in cement prices. Producers have faced challenges in raising cement prices in recent years due to large capacity additions and a fight for market share. Indian cement manufacturers use coke as fuel in their kilns, together with thermal coal. But cement firms have been buying less seaborne coke so far this year, while raising the share of domestic and imported coal in its fuel mix due to more competitive pricing. India's largest cement producer, Ultratech, cut coke in its fuel mix to 41pc during January-March, down from 54pc in the same quarter of 2025, with the company raising its use of coal, the Bombay Stock Exchange-listed firm said in April. The situation has reversed again. A procurement manager with a cement maker said that the company would choose coke and not coal if the firm needed to buy fuel in today's market because the decline has made coke competitive once again. The rising preference for coke could temporarily pressure NAPP coal, especially because demand from brick kilns is typically limited during the monsoon months of July-September, said a market participant. A trader expects limited downside for the delivered India price of NAPP coal because its production and inland transportation cost has increased due to higher fuel prices, and freight rates have remained elevated. But higher utilisation rates at US refineries and increased coke supply continue to put pressure on fob coke. US Gulf high-sulphur coke assessed by Argus dropped below $80/t fob for the first time since early February to hit $79/t on 3 June. By Ajay Modi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Inpex applies to halt Australia's Ichthys LNG strike
Inpex applies to halt Australia's Ichthys LNG strike
Sydney, 10 June (Argus) — Japanese firm Inpex, operator of the 9.3mn t/yr Ichthys LNG project near Australia's northern city of Darwin, has applied to Australia's industrial arbiter the Fair Work Commission (FWC) to stop ongoing strikes at the project. The company has filed an application to the FWC seeking urgent orders to halt protected industrial action (PIA) at Ichthys sites, Inpex's senior vice-president Bill Townsend said on 10 June. Inpex is applying under section 424 of the Fair Work Act to suspend or terminate PIA, which cites the risks of "significant damage to the Australian economy or an important part of it" as a reason to end legally permissible strikes. The FWC has scheduled the hearing for 10am AWST (2am GMT) on 12 June. If Ichthys' production is taken off line by strikers, impacts to LNG buyers and domestic gas customers in the Northern Territory would occur, Inpex said. And this would be significant given current fuel supply constraints. Unions with members at Ichthys have notified Inpex of further PIA on 11-23 June and the firm is planning accordingly, Townsend said. Ichthys has loaded three cargoes since strikes commenced, Kpler data show, with the 174,000m³ Archy Vanguard presently berthed at the terminal. Ichthys impasse Items yet to be resolved under the bargaining talks include pay, allowances and career progression framework, Inpex said. Strikes began on 2 June at the project and have escalated to eight hours a day from an initial four hours, while bans on loading and unloading cargoes at the facility will start on 11 June, the Offshore Alliance union said on 8 June. Up to four cargoes could be lost as a result and replacements will be needed, traders told Argus this week. The escalated strike action in Australia would likely further tighten supply available to Asian importers and limit the supply buffer for the summer. Spot prices may face further upside as a result, especially as Qatari LNG supply remains off line. By Tom Major Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US retaliates after Iran downs chopper: Update
US retaliates after Iran downs chopper: Update
Updates with details throughout Washington, 9 June (Argus) — The US military carried out retaliatory strikes on targets in Iran after Iran shot down a US military helicopter patrolling the strait of Hormuz earlier Tuesday. The US forces began launching "self-defense" strikes at 5pm ET (21:00 GMT) on Tuesday, and will keep its mission "proportional" to the Iranian attack, said the US Central Command (Centcom), which oversees the Middle East-based US forces. President Donald Trump earlier on Tuesday ordered the Pentagon to retaliate against Iran following what he said was the downing of a US Army Apache helicopter near the coast of Oman by Iran. The two crew members were safe, according to Centcom. Iran's foreign ministry and the Islamic Revolutionary Guard Corps (IRGC) issued statements on Tuesday that appeared to disavow direct responsibility for the downing of the US military helicopter. "Foreign forces in proximity to our territory are at constant risk on account of their own human errors, plain accidents, or potentially being caught in crossfire," Iran's foreign minister Abbas Araghchi said in a social media post. Iran will deliver "a decisive response" if the US renews hostilities following "the pretext of a helicopter crash", according to news agency Tasnim, which is linked to the IRGC. Low-intensity fighting between US and Iranian forces has flared up repeatedly since late May. The US has targeted Iranian military infrastructure around the strait of Hormuz and Iran responded with missile and drone attacks against vessels passing through the strait and US bases in Kuwait and Bahrain. The incident on Tuesday marks the first loss of a US military aircraft since the US and Iran declared a ceasefire on 8 April. Despite fighting underway, Trump since 22 May has repeatedly described a US-Iran peace deal as practically finalized. "We have ongoing negotiations in Iran and with Iran, that hasn't stopped," Trump said late on Monday. "And we could have at least an idea by one or two days from now, but I think it's going well." By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US will retaliate after Iran downs chopper: Trump
US will retaliate after Iran downs chopper: Trump
Washington, 9 June (Argus) — President Donald Trump said on Tuesday the US will retaliate after Iran shot down a US military helicopter patrolling the strait of Hormuz. "The United States must, of necessity, respond to this attack," Trump said in a social media post. The Pentagon said earlier that a US Army Apache helicopter went down near the coast of Oman in the early hours Tuesday, local time, and that the two crew members were safe. Trump was the first to confirm that it was an Iranian attack that brought down the US helicopter. Low-intensity fighting between US and Iranian forces has flared up repeatedly since late May. The US has targeted Iranian military infrastructure around the strait of Hormuz and Iran responded with missile and drone attacks against vessels passing through the strait and US bases in Kuwait and Bahrain. The incident on Tuesday marks the first loss of a US military aircraft since the US and Iran declared a ceasefire on 8 April. Despite fighting underway, Trump since 22 May has repeatedly described a US-Iran peace deal as practically finalized. "We have ongoing negotiations in Iran and with Iran, that hasn't stopped," Trump said late on Monday. "And we could have at least an idea by one or two days from now, but I think it's going well." By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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